A fee charged by an intermediary to the applicant for placing a loan. Under the Consumer Credit Act the maximum fee that a broker may retain in respect of credit broking services if a loan has not completed within six months of the date of introduction to a lender is £3.00.
Usually a fee charged by an adviser to a borrower for locating the most appropriate mortgage for the borrower.
The fee for services rendered that is charged by a Broker. Such a fee is in addition to or separate from any Commission. (See Broker, Commission)